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Review of the Insurance Prudential Supervision Act 2010

We are consulting on insurance governance and supervisory processes.

15 November 2022

We have launched a consultation seeking feedback on insurance governance and supervisory processes. This consultation is the last of four topic-specific consultations as part of our review of the Insurance (Prudential Supervision) Act 2010 (IPSA).

This consultation explores governance and risk management for insurers; accountability for directors, appointed actuaries and other key officers; supervisory oversight of major restructuring transactions; and provisions for data gathering and information disclosure to support our insurance supervision.

We are welcoming submissions on the policy questions set out in this Governance, Supervisory Processes, Data and Disclosure consultation until 21 February 2023. We will issue a final ‘omnibus consultation’ setting out all our proposed changes to IPSA in mid-2023.

5 September 2022

We have published our feedback to responses received on our Insurance (Prudential Supervision) Act (IPSA) 2010 Enforcement and Distress Management consultation. We launched the consultation in March 2022 seeking feedback on the penalties and enforcement tools available when supervising insurers and on our powers to manage distressed insurers.

24 May 2022

We have published our feedback to responses received on our Insurance (Prudential Supervision) Act (IPSA) 2010 Policyholder Security consultation. We launched the consultation in August 2021 seeking feedback on issues relating to: insurer’s financial strength disclosures; solvency requirements, termination values, statutory funds and a policyholder guarantee scheme.

10 March 2022

We have today released a consultation paper seeking feedback on the penalties and enforcement tools available when supervising insurers and on our powers to manage distressed insurers.

This consultation is the third of five that we are conducting as part of our review of the Insurance (Prudential Supervision) Act (IPSA) 2010.

IPSA currently includes a range of criminal penalties for non-compliance with regulation. In this consultation, we discuss introducing other types of sanctions and penalties to allow a more proportional and graduated response to compliance issues.

This consultation reviews our powers to obtain information from insurers to inform our supervision. It discusses introducing a compulsory on-site inspection power and a breach-reporting system, where insurers are required to monitor their own regulatory compliance and communicate breaches to the Reserve Bank. It also explores our role in insolvency and statutory management.